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Latest news
Fortress agrees forward flow for €500m of unique assets
Cash SRT pipeline fires up earlier than usual
A new European data centre sponsor, Dutch buy-to-let back in business, CLO equity squeezed and a Bitcoin backed deal
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Treasurer of Obvion and champion of the Storm Dutch RMBS programme, Max Bronzwaer, is set to retire at the end of July, handing over duties to Rachelle Rijk, according to an announcement from the lender on Friday. -
Redwood Trust on Wednesday announced the latest RMBS transaction from its Sequoia shelf, a $410m offering backed by prime home loans.
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Risk retention in securitization, designed to make sure players have ‘skin in the game’, has driven a trade that seems almost the opposite – investment banks profiting by using their market stature to hold risk retentions instead of their clients. Barclays is the most recent player to take advantage, and for the lowest fee yet.
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The new Securitization Regulation, due to come in on January 2019, could unintentionally block banks from disposing of legacy assets, pushing some buyers and sellers to try to accelerate trades to get them done before the end of the year.
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The new issue European ABS market ploughed on this week, attracting investors still keen to add risk in the face of broader market skittishness. BNP Paribas sold €384m of mezzanine tranches from a French consumer loan ABS, while Argenta Spaarbank shifted €1bn of RMBS.
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Weakening standards for mortgages eligible for purchase by government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac threaten to erode the credit quality of credit risk transfer and other RMBS that contain GSE-eligible loans, according to a report from Moody’s issued on Monday.
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Freddie Mac has changed the structure of its latest credit risk transfer (CRT) deal to reduce counterparty risk for investors in the event that the agency is no longer under conservatorship.
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Two sterling MBS transactions in the market have been tightened from initial price talk, reflecting a healthy sterling bid for paper.
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Rabobank priced the latest green RMBS deal from its Obvion subsidiary last Friday, keeping the size of the deal in line with last year’s transaction as it offered €550m of senior notes but reducing the discount margin by 3bp.
